This article is essentially talking about private blockchain services and not decentralised blockchains from what I understand. Bitcoin is going to stay as it is and it is going to become more expensive over time. Same will happen with other blockchain services. The transaction fees we are paying, is essentially the fees to use 5he blockchain to broadcast the money. That's where the payment or fees is needed.
I don't think it will ever become like Google or Facebook.
Topic: interesting article: Pay-to-use blockchains will never achieve mass adoption - page 2. (Read 316 times)
September 25, 2023, 05:20:51 AM
September 25, 2023, 04:01:43 AM
In the article they are talking about Pay-to-use blockchain, that is some kind of private/centralized blockchain.
The blockchain projects that they are talking is about those private/centralized blockchains
For example some Blockchain projects from IBM: https://www.ibm.com/blockchain
The article that you point to compares the need of those private/centralized blockchains where the users need some subscription fee to be able to use it or access to that data. Against services like facebook or google that offer some "free service" where the data of their users is the real value for those businesses.
But that is like compare apples and pineapples
Quote
Blockchain projects should learn from Google and Facebook by monetizing their users without directly asking for their money.
The blockchain projects that they are talking is about those private/centralized blockchains
For example some Blockchain projects from IBM: https://www.ibm.com/blockchain
The article that you point to compares the need of those private/centralized blockchains where the users need some subscription fee to be able to use it or access to that data. Against services like facebook or google that offer some "free service" where the data of their users is the real value for those businesses.
But that is like compare apples and pineapples
Bitcoin although decentralized is also pay to use blockchain. In order to send the transaction, we need to pay for the transaction fee. No matter what angle we look at it, Bitcoin usage in transferring funds always has payment. We are just so used to paying the transaction fee that we get used to it and forget that we pay a fee for sending Bitcoin.
September 25, 2023, 03:50:06 AM
https://cointelegraph.com/news/pay-blockchains-will-never-achieve-mass-adoption
Blockchain projects should learn from Google and Facebook by monetizing their users without directly asking for their money.
Blockchain projects should learn from Google and Facebook by monetizing their users without directly asking for their money.
If You Are Not Paying for the Product, You Are the Product! (c)
It is kinda hard to do as you want without turning the blockchain into some kind of another centralized fucked up company like google or facebook.
It is also wrong to compare companies from non-financial sector with cryptocurrencies and if you take a look at PayPal you gonna find that its users have to pay transaction fees as well which means that fees are not actually the main problem.
September 24, 2023, 11:49:02 PM
So this is the summary of the article.
Bitcoin on-chain might not be friendly in terms of fees if we use it regularly, but we have lightning network to reduce the fees, the thing is not many people willing to pay using Bitcoin. Bitcoin may not reach mass adoption through usage as currency, but there's a high chance through as commodity.
Installing a wallet, using an exchange, etc are simple because there are a lot tutorials out there.
I have no idea why Bitcoin must be fun, do fiat, gold and real estate are fun?
Free to use
Yet current blockchain protocols monetize us directly, asking us to pay gas fees for each transaction.
No matter how small their fees get, thanks to incremental reductions from the likes of Solana or the myriad layer 2s out there, it’s still a fee that most people won’t pay.
Frictionless and simple
Crypto is the most user-unfriendly technology ever hawked to the public. To those who struggle with tech, it’s the digital equivalent of being punched repeatedly in the face.
Familiar and fun
Crypto has not been good at creating decentralized social media alternatives to Facebook. It has not been good at creating unique gaming experiences. It has not been good at replacing traditional supplier-user Web2 models with aligned-incentive Web3 models.
Yet current blockchain protocols monetize us directly, asking us to pay gas fees for each transaction.
No matter how small their fees get, thanks to incremental reductions from the likes of Solana or the myriad layer 2s out there, it’s still a fee that most people won’t pay.
Frictionless and simple
Crypto is the most user-unfriendly technology ever hawked to the public. To those who struggle with tech, it’s the digital equivalent of being punched repeatedly in the face.
Familiar and fun
Crypto has not been good at creating decentralized social media alternatives to Facebook. It has not been good at creating unique gaming experiences. It has not been good at replacing traditional supplier-user Web2 models with aligned-incentive Web3 models.
Bitcoin on-chain might not be friendly in terms of fees if we use it regularly, but we have lightning network to reduce the fees, the thing is not many people willing to pay using Bitcoin. Bitcoin may not reach mass adoption through usage as currency, but there's a high chance through as commodity.
Installing a wallet, using an exchange, etc are simple because there are a lot tutorials out there.
I have no idea why Bitcoin must be fun, do fiat, gold and real estate are fun?
September 24, 2023, 11:46:09 PM
There is no blockchain out there that is totally free. Sure there are some L2 or coins like Doge where the transaction fees are fractions of a penny but none of them are ever free.
Miners need some incentive to mine these blocks and hence why there are fees in place when the block reward gets halved so much that the coinbase reward is almost zero.
Miners need some incentive to mine these blocks and hence why there are fees in place when the block reward gets halved so much that the coinbase reward is almost zero.
September 24, 2023, 10:49:59 PM
Quote
there is no way bitcoin is ever going to become free to use
Since when bitcoin is not free? It has been free to use and will remain free to use, just there is this fee while we could mine blocks and never pay that fee, this was the idea behind bitcoin, but when mining became industrialized everything changed.Yes garbage processing blockchains like ETH and some others are charging you gas and other stuff if you want to use them, some even have a different token to be used as the fee for the service.
Also, what else could be considered pay to use blockchain other than crypto related currencies?
September 24, 2023, 10:23:01 PM
In the article they are talking about Pay-to-use blockchain, that is some kind of private/centralized blockchain.
The blockchain projects that they are talking is about those private/centralized blockchains
For example some Blockchain projects from IBM: https://www.ibm.com/blockchain
The article that you point to compares the need of those private/centralized blockchains where the users need some subscription fee to be able to use it or access to that data. Against services like facebook or google that offer some "free service" where the data of their users is the real value for those businesses.
But that is like compare apples and pineapples
Quote
Blockchain projects should learn from Google and Facebook by monetizing their users without directly asking for their money.
The blockchain projects that they are talking is about those private/centralized blockchains
For example some Blockchain projects from IBM: https://www.ibm.com/blockchain
The article that you point to compares the need of those private/centralized blockchains where the users need some subscription fee to be able to use it or access to that data. Against services like facebook or google that offer some "free service" where the data of their users is the real value for those businesses.
But that is like compare apples and pineapples
September 24, 2023, 08:43:48 PM
https://cointelegraph.com/news/pay-blockchains-will-never-achieve-mass-adoption
Blockchain projects should learn from Google and Facebook by monetizing their users without directly asking for their money.
I guess he doesn't realize that's impossible for bitcoin. Bitcoin is going to get more expensive to use over time probably not less expensive. Unless people use something like lightning network. But we're talking about layer 1 here.
If permissionless blockchains are to become the backbone of our online experiences, three major changes need to happen:
They need to become free.
They need to become frictionless.
They need to become familiar.
there is no way bitcoin is ever going to become free to use. unless some giant like paypal subsidizes it on their particular internal platform but then that's not bitcoin because it's centralized...
Blockchain projects should learn from Google and Facebook by monetizing their users without directly asking for their money.
I guess he doesn't realize that's impossible for bitcoin. Bitcoin is going to get more expensive to use over time probably not less expensive. Unless people use something like lightning network. But we're talking about layer 1 here.
If permissionless blockchains are to become the backbone of our online experiences, three major changes need to happen:
They need to become free.
They need to become frictionless.
They need to become familiar.
there is no way bitcoin is ever going to become free to use. unless some giant like paypal subsidizes it on their particular internal platform but then that's not bitcoin because it's centralized...
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